Research Analyst (RA) is a regulated profession under SEBI requiring mandatory registration. RAs provide research reports, investment advice, and recommendations on securities to investors. SEBI (Research Analysts) Regulations 2014 govern their operations. As of 2024, over 1,200 RAs are registered with SEBI. They must maintain arm's length relationship with clients, disclose conflicts of interest, and follow stringent compliance requirements. Registration is valid for three years with renewal provisions.

Research Analysts serve as crucial intermediaries in India's capital markets, bridging information asymmetry between companies and retail investors. Under SEBI's regulatory framework, they must register and comply with strict norms including educational qualifications (graduation plus NISM certification), experience requirements, and continuous professional development. The 2014 regulations emerged after market manipulation scandals involving unregulated analysts. RAs cannot engage in portfolio management, act as investment advisers, or have business relationships with companies they cover. They must disclose holdings, compensation arrangements, and potential conflicts in every research report. The profession gained prominence with retail investor participation surge during COVID-19, as investors sought professional guidance. SEBI's recent amendments focus on digital platforms, social media guidelines, and enhanced disclosure norms. The regulatory approach balances investor protection with market development, ensuring research quality while preventing mis-selling. RAs play vital roles in price discovery, market efficiency, and democratizing investment research access.